Here’s the deal: The energy storage industry is spread across the globe, with most battery cell production occurring in China.
- The industry is also very capital-intensive, and these cell contracts can be worth upwards of hundreds of millions of dollars per year.
Powin secures battery cells from many different cell suppliers, creating competition and leverage to provide customers with the best supply in terms of cost, availability, reliability and performance for each application.
- Powin’s proprietary battery and energy management platform called StackOS creates significant value in maximizing the amount of energy able to be discharged from the array of cells.
- It also ensures that the cells will be continuously operating in optimally and safely.
The challenge: To secure a consistent cell supply and serve customers globally, companies like Powin need financial partners with credibility and deep roots in global markets to help them scale and make a difference.
The solution: HSBC provides Powin with the financing and access to connections across their network to help the company navigate their global expansion and partners.
- The bank’s experience, strong reputation and extensive footprint in Asian markets enhance Powin’s strong relationships with leading global battery cell vendors, who some are also HSBC clients.
- Additionally, HSBC has tools in place to help the Climate Tech company fix or hedge exchange rates to help keep its costs consistent.
Next steps: The energy storage company plans to build offices internationally and expand its reach into South Asia, Australia, Europe and East Asia.
- HSBC’s global presence will allow Powin to capitalize on additional growth opportunities.
What Powin is saying: “Having HSBC standing behind a growing company like ours provides added confidence and trust to our customer base,” says Lu. “That enables us to better manage risks, grow and ensure that we deliver our projects on time.”
The takeaway: Solar and wind power are both essential to transitioning the grid to 100% renewable energy — a National Renewable Energy Laboratory study found that a 35% adoption of wind and solar power in the western U.S. would reduce CO2 emissions by 25-45%.
- But this transition won’t be effective without innovative energy storage solutions.